Legal funding can be a valuable resource not only for plaintiffs but also for attorneys, as it provides financial support that enhances their ability to manage cases effectively.
Legal funding provides essential financial support to plaintiffs during litigation, which in turn helps attorneys by reducing financial pressure on their clients, allowing for more strategic case management and stronger settlement negotiations. It enables attorneys to focus on the legal process, promotes better communication, and facilitates stronger client retention, ultimately leading to better outcomes for both attorneys and their clients.
Let’s take a closer look at how legal funding helps attorneys almost as much as it helps clients.
Allows Attorneys to Focus on Case
- When plaintiffs are struggling financially, they may be more likely to push their attorneys to settle the case prematurely, even if it’s not in their best interest. Legal funding alleviates financial stress by helping clients cover everyday expenses, medical bills, or other costs during litigation, which allows attorneys to focus on building a strong case without pressure from financially strained clients.
- Gives attorneys more time to gather evidence, consult expert witnesses, and develop a solid legal strategy, which can lead to better outcomes and potentially larger settlements or verdicts.
Improves Client Communication
- Clients who receive legal funding are often in a better mental and emotional state, as they are not constantly worried about financial difficulties. This can lead to improved communication between the client and attorney, allowing attorneys to explain legal strategies without the distraction of immediate financial concerns.
- With clients less focused on urgent financial matters, attorneys can focus on the case’s merits and long-term strategy, creating a stronger client-attorney partnership.
Stronger Settlement Negotiations
- Legal funding gives clients the financial ability to wait for a fair and just settlement, rather than rushing to accept a low offer due to financial desperation. This benefits attorneys because they can negotiate from a stronger position, knowing their clients are not under pressure to settle quickly.
- Attorneys can take the time needed to pursue higher settlements or verdicts, knowing their clients have the financial support to withstand the lengthy litigation process.
Facilitates Case Preparation & Costs
- In some cases, legal funding can help cover case-related expenses, such as hiring expert witnesses, conducting depositions, gathering evidence, and other litigation costs. While these costs are often borne by the law firm in contingency cases, legal funding can ease this burden, particularly in cases requiring extensive resources.
- Large or complex cases, such as class actions or personal injury cases, often require significant upfront costs, and legal funding can ensure these expenses are covered without straining the law firm’s financial resources.
Boosts Client Relationships
- By providing clients with a financial safety net during litigation, legal funding can help reduce client attrition. Plaintiffs who are financially supported during the legal process are more likely to stay engaged with their case and continue working with their attorney, rather than abandoning the case or switching attorneys due to financial hardship.
- This can help attorneys maintain relationships with their clients and see cases through to a successful conclusion, which is particularly important in contingency fee arrangements where attorneys only get paid upon settlement or winning the case.
Supports Contingency Fee Models
- Many personal injury and civil litigation attorneys work on a contingency fee basis, meaning they only get paid if they win the case or secure a settlement. Legal funding can provide plaintiffs with financial assistance during the case, reducing the pressure on attorneys to advance personal funds to cover client needs.
- By helping plaintiffs cover medical bills, living expenses, and other costs, legal funding allows attorneys to focus on winning the case, knowing that the financial well-being of their clients is being addressed without draining firm resources.
Increases Settlement Values
- With financial support from legal funding, clients are more likely to hold out for better settlement offers or proceed to trial if necessary, rather than accepting a lower offer out of immediate financial need. This can result in higher settlement amounts or verdicts, which benefits both the client and attorney, especially in contingency fee arrangements.
- Attorneys can fully commit to pursuing the maximum compensation possible for their clients, as they are not restricted by the client’s financial situation.
Legal Funding From Cash Now Funding Group
Are you or a family member in need of financial assistance due to a lengthy legal battle? Are you preparing for a long-term legal battle to get the compensation you deserve? Cash Now Funding Group can be the financial lifeline you need while your case settles. Applying is free and confidential & no credit check is required.
